Hopes fade for £300m Edinburgh Caltongate development

A PRESTEGIOUS £300million development project in Edinburgh has been scrapped after talks between developer and the council collapsed.

Plans for the Caltongate scheme would have seen a five-star hotel, conference centre and 200 new homes built beside the city’s Royal Mile.

Despite having planning permission for the huge project within Edinburgh’s World Heritage Site, the city council has now withdrawn its assets from the blueprint. The faltering plans were put on hold in March last year when the firm behind it, Mountgrange, went into administration after Bank of Scotland withdrew its financial support.

Hundreds of residents objected to the building plans but officials say they will begin the process again and seek new developers.

He said: “The council has worked for some time with the bank’s administrator in order to assist it in realising the potential of the site, but it is now apparent that the proposed development will not go ahead.

“As a result, we feel it is in the council’s best interest to draw a line under this matter and exercise our right to formally terminate the sale agreement.”

The land between Waverley railway station and the Royal Mile will remain derelict until new developers are found.

Mr Buchanan added: “We continue to believe that Caltongate presents a wonderful opportunity as an investment prospect and that it will improve our historic Old Town.

“We will therefore continue to work with potential investors to promote the site to developers.”

Allied London said they were not yet in a position to comment on the scheme’s status.

2 COMMENTS

As always — This SNP council can’t commit to anything. They would rather promote people who don’t live here; put money into advertising for the festival that gets more outside custom than in. People of Edinburgh deserve more for their money and the SNP just can’t cut it!

Alex ‘fatface’ Salmon needs to stop eating the pies “There is an obesity problem in Scotland” his words, not mine… yet you seen how far his belly hands out and the size of his quad-chin?

Long term investment is needed in Edinburgh, not a short term fix throughout August. As soon as the SNP realise this, the sooner we get some investment coming that lasts longer than a stag weekend.